McCaughey added that there are already shoots of recovery as Ulster seek to balance the books.

"The projections we've seen, even over the last two to three months, gives us the the confidence that we're on track to deliver this plan. It's not a slash and burn plan.

"We have the staff we need, we have a playing budget that we're confident with and it will give us stability for our playing squad over the next two seasons. We have to be sensible about how we recruit, we have to be prudent about that."

McCaughey predicts a successful future for Ulster and is confident of finding a new sponsor when their association with Kingspan ends next year.

He has followed Ulster for more than 40 years and hopes he can make a positive impact as CEO.

"I see my role as bringing leadership, bringing stability and creating a plan that we need to take us to a different place. But above all creating the right conditions, creating the right environment and creating the right culture.

"How do we really promote that Ulster rugby family and continued improvement approach? It's creating the conditions so that everyone involved in Ulster rugby is doing that, has the opportunity to do that, feels part of this family and feels they're adding value to it - that will be the basis of success."